- I like the markets short-term, not long-term. Ben Bernanke is running the federal reserve inappropriately.- Druckenmiller says that he sees no condition for a bear market until the Fed changes, so expects markets to keep rising- Druckenmiller says Japan likely at beginning of a new cyclical bull market.- Japan’s policy is much more appropriate than that in US. Japan market has better risk/reward picture.

- Druckenmiller: we think commodity super cycle is over. the last two years are not a correction, but the beginning of a trend- He wants to avoid all commodity currencies like Brazil, Canada and says you should short the Australian Dollar.- Druckenmiller says you should also avoid any commodity-heavy companies.

- Druckenmiller says long $goog. "At 16 times earnings, I cant' imagine a better steal." - Druckenmiller has a concluding final bullish position: Google.He says he "can't imagine" a greater bet than it in technology and makes a slight dig at people crowding into Apple, without naming Apple. He rambles off a bunch of Google advancements, Google Glass, Google Car etc. And concludes it has "no exposure to China."

Stan may be the greatest moneymaking machine in history. He has Jim Roger’s analytical ability, George Soros’s trading ability, and the stomach of a riverboat gambler when it comes to placing his bets. His lack of volatility is unbelievable. I think he’s had something like five down quarters in 25 years and never a down year. The Quantum record from 1989 to 2000 is really his. The assets grew from $1 billion to $20 billion over that time and the performance never suffered. Soros’s record was made on a smaller amount of money at a time when there were fewer hedge funds to compete against.

I never use valuation to time the market. I use liquidity considerations and technical analysis for timing. Valuation only tells me how far the market can go once a catalyst enters the picture to change the market direction.

The catalyst is liquidity, and hopefully my technical analysis will pick it up.

And a more recent quote from Druckenmiller, related to Soros’s advice “don’t try to play the game better, pay attention to when the game has changed”:

I really don’t care whether we go to $70 billion or $65 billion in September, … But if you tell me quantitative easing is going to be removed over 9 or 12 months, that is a big deal

A former chief strategist for George Soros, Druckenmiller shut his hedge fund firm Duquesne Capital Management in 2010 and now manages his own fortune. From its inception in 1986, Duquesne produced average annual returns of 30 percent, one of the best track records in the industry.

Stan Druckenmiller, chairman achief investment officer of Duquesne Family Office LLC. Photographer: Scott Eells/BloombergBillionaire investor Stan Druckenmiller said an aging population will present a “massive, massive problem” in 15 years.

Druckenmiller, 61, has argued for several years that the mushrooming costs of Social Security, Medicare and Medicaid will bankrupt the nation’s youth and eventually result in a crisis worse than the financial meltdown of 2008. The government will have to reduce payments to the elderly, he said at the event.

Commenting on the markets, Druckenmiller said that interest rates could “arguably” stay near zero for 10 years. He said last month in a Bloomberg Television interview that he was afraid the Federal Reserve wouldn’t raise interest rates this year.

The investor also said he shies away from established money managers, particularly those who oversee more than $10 billion. Assets exceeding that amount tend to become “a problem” for the managers, he said.“Go young,” he advised the audience, saying that the best money managers are between 35 and 40 years old.

Stan Druckenmiller is betting on the unexpected. With one of the best long-term track records in money management, he is anticipating three surprises: Improving economy in China, Rising oil prices, and no Federal Reserve interest rate increase in 2015.